Rupiah Hits New Record Low, US Dollar Now Breaches Rp17,410

Jakarta, CNBC Indonesia - The rupiah exchange rate closed at an all-time low against the US dollar on Tuesday (5/5/2026) trading. This pressure occurred alongside the announcement of Indonesia’s first-quarter 2026 economic growth data.

According to Refinitiv data, the rupiah closed 0.26% weaker at Rp17,410/US$. This position also became the rupiah’s weakest closing level ever.

Throughout the day’s trading, the rupiah moved in the range of Rp17,380-Rp17,445/US$. This weakening also extended the Garuda currency’s downtrend to five consecutive trading days.

Meanwhile, the US dollar index (DXY) at 3:00 PM WIB was observed strengthening slightly by 0.07% to 98.446.

The rupiah’s movement throughout the day occurred amid the release of Indonesia’s first-quarter 2026 economic growth data by the Central Statistics Agency (BPS).

BPS recorded that Indonesia’s economy in the first quarter of 2026 grew 5.61% annually or year-on-year (yoy). This growth rate is higher than the fourth quarter of 2025 at 5.39% yoy and the same period the previous year or the first quarter of 2025 at 4.87% yoy.

“Indonesia’s economic growth is 5.61% in the first quarter of 2026,” said BPS Head Amalia Adininggar Widyasanti during a press conference at the BPS Head Office, Jakarta, on Tuesday (5/5/2026).

This achievement is also above market expectations. Based on the consensus gathered by CNBC Indonesia from 12 institutions, Indonesia’s economic growth was previously estimated to reach 5.40% annually or year-on-year (yoy). Meanwhile, on a quarterly basis, the economy was projected to contract by 1.0% compared to the previous quarter (quarter-to-quarter/qtq).

However, the release of economic data better than expectations has not been able to support the rupiah.

The Garuda currency remains pressured against the US dollar amid strong external pressures, particularly the strengthening of the US dollar index and market players’ cautious stance towards emerging market assets.

In response to the situation, Bank Indonesia (BI) stated it will continue to be present in the market to dampen pressure on the rupiah through measured interventions.

“Bank Indonesia will continue to be present in the market to ensure the market mechanism runs well in order to maintain the stability of the rupiah exchange rate in accordance with its fundamental value,” said Head of the Monetary and Securities Asset Management Department of Bank Indonesia Erwin G. Hutapea in a written statement.